Cryptocurrency has never been for the faint-hearted but as the mania reaches new heights, the craziness has been matching it. This week alone there have been some huge movements in the markets as rivals Bitcoin and Bitcoin Cash go in different directions.
However, it is not just the markets, regulators and companies have been having their say with cryptocurrency as the SEC shut down trading shares of a company while another cashed in on the name ‘fintech.’
SEC steps in
Regulators have been trying to play catch up with the cryptocurrency mania, from governments to authorities, they have mostly fallen short. However, there have been instances where the likes of the SEC have struck in certain instances.
The SEC stepped in on Tuesday when it temporarily suspends trading in shares of The Crypto Co. on concerns about “accuracy and adequacy” of information about the company.”
The stock has soared more than 2,700 percent this month, just as several other small names have surged on news of ties to cryptocurrencies and the Blockchain technology behind them.
The commission cited concerns about:
“Accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company’s insiders to sell their shares of The Crypto Company’s common stock.”
The release said:
“Questions have also arisen concerning potentially manipulative transactions in the company’s stock in November 2017.”
Cashing in on a name
Meanwhile, one of those small companies, as mentioned above, has recently changed its name Future Fintech; however, it used to be known as SkyPeople Fruit Juice, the former fruit juice company changing its focus.
In that change, the company saw its stocks soar more than 200 percent and has a market cap reach just about $12.5 mln. Traders linked between the company and the cryptocurrency mania that has gripped the globe but it was a false link.
However, there was no mention of “Blockchain,” “Bitcoin” or anything crypto-related in the release or the company’s November presentation to investors.
Bitcoin and Bitcoin Cash go separate ways
The ongoing battle between Bitcoin and Bitcoin Cash raged as the original chain’s token fell from $17,929 to a low of $16,912.
However, the hard fork Bitcoin Cash soared on the news that Coinbase would be trading the currency.
After the announcement, Bitcoin Cash’s price almost immediate jumped to over $3,000 in huge volume.